Mercantile Bancorp, Investors Agree On $23M Ch. 11 Sale

By Matt Chiappardi

Law360, Wilmington (September 24, 2013, 5:08 PM ET) -- Parties in the Mercantile Bancorp Inc. bankruptcy case said Tuesday that they'd come to an agreement over the bank holding company's contested $23 million asset sale to United Community Bancorp Inc., but that was news to the buyer, which wanted to review it before the court takes action.

During a telephone hearing in Delaware bankruptcy court, UCB attorney Russell C. Silberglied of Richards Layton & Finger PA said he was “surprised” to hear that MBI and the official committee of trust-preferred securities holders had resolved their differences...